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Of Financial Wants … and Needs
Courtesy Hemant Beniwal
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Numeric Figures Life’s Purpose
Financial goals are basically numerical figures of your purpose of life. We all have a purpose in life and the goals should be a part of that purpose. In fact the goals should make you achieve that purpose of life.
The Goals
Your financial goal should have a reasonable priority in fact these goals should be in parallel to your life goals.
Understand what motivates you to keep your goals on track. Lot of time it has been seen that people lose hope or lack motivation in between and they start showing signs of back stepping and indulging in some other interest.
Some time back I wrote about “Setting SMART Financial Goals” which talked about setting Specific, Measurable, Attainable, Relevant & Time-bound goals. But what about purpose of life, prioratising goals & motivation to achieve them.
I think Maslow’s hierarch of needs can help you in identifying purpose of your life, prioratising goals & giving enough motivation to achieve them. If you don’t know about Maslow’s hierarchy check Wikipedia page.
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Assessment
- Publications Related to Behavioral Finance, Economics and Money
- How to Calculate your Financial APGAR Score
- Understanding Behavioral Finance and Economics
Conclusion
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Filed under: Ethics, Funding Basics, LifeStyle | Tagged: behavioral economics, financial goals, Maslow’s Hierarchy of Needs | Leave a comment »
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